Yttrium(III) acetate hydrate-catalyzed novel synthesis of 3,4-dihydropyrimidin-2(1H)-(thio)one derivatives was achieved through one-pot three-component condensation of diversified aldehydes, $eta$-ketoesters and urea or N-methylurea or thiourea with a molar ratio of 1:1:1.4. In comparison to the classical Biginelli approach, this catalytic method has the advantages of short reaction time and improved product yield.